Crypto
Bitcoin 13 Percent Away From Crucial Valuation Threshold
Bitcoin is getting close to crossing its long-term valuation line, according to Glassnode. The current price of Bitcoin is just 13% away from reaching this threshold.
In the past three cycles, most of the strong rallies in Bitcoin's price occurred after it first closed above this line.
The data shows that the strongest rallies happened more than a year after the price first crossed this threshold. The chart indicates that from the first close to the cycle peak, the price rose 32x, 7.8x, and 3.3x in the previous cycles.